1 Adam: Okay, the ring you're wearing is The One Ring that lets the evil overlord control all the other Rings of Power.1 Jamie: Cool!2 Adam: Uh, no. You're now corrupted and he uses you as a vessel to gain complete dominion over the world, laying waste to civilisation.3 Adam: The land and its people are subjected to infernal torments and ruined as if by ever vaster explosions!4 Jamie: This gives me an idea for what we can do for a living when we graduate.

This is the main reason why The Lord of the Rings would make a poor roleplaying game. Any player would drool over the idea of getting their hands on the Ring.
Can you just imagine a whole party of Gollums?